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March 8, 2019, 3:38 a.m. EST

Asian markets sink on trade-deal worries, weak China export data

Stocks in Shanghai, Hong Kong, Tokyo retreat sharply

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By Associated Press and Marketwatch


Reuters
Containers and trucks are seen at an automated container terminal in Qingdao port, China.

Asian markets tumbled Friday on fears that the U.S. and China may not be as close to a trade deal as President Donald Trump had suggested. Selling was also fueled by worries about the global economy after alarming Chinese trade data.

China’s General Administration of Customs reported that exports fell 20.7% in February, compared to the prior year, reflecting weaker demand. Economists polled by The Wall Street Journal expected the value of overseas shipments to drop by only 6%.

The Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.95%   closed down 4.4%, logging its worst one-day percentage loss for the year and its worst session since October, while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.31%   dropped 3.8% and Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.84%   lost 1.9%.

The Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%   in South Korea fell 1.3% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%   dropped 0.9%.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.06%   was 2% lower, even after the government said its economy grew 1.9% in 2018’s fourth quarter from a year ago. This was better than its initial estimate of 1.4%. Stocks fell in Taiwan   and throughout Southeast Asia.

Among individual stocks, Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 -3.34%  , Nintendo  and Sony /zigman2/quotes/201361720/delayed JP:6758 +1.39%  fell in Tokyo trading. Hyundai Motor /zigman2/quotes/206684590/delayed KR:005380 -1.31%  and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -0.24%  slumped in Korea, while Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 +1.01%   dropped in Taiwan. Geely Automotive /zigman2/quotes/200716015/delayed HK:175 +3.90%  , China Life Insurance /zigman2/quotes/202359856/delayed HK:2628 -6.70%   and Tencent /zigman2/quotes/204605823/delayed HK:700 -2.93%   were among the biggest decliners in Hong Kong. Oil Search /zigman2/quotes/204702973/delayed AU:OSH -4.15%   and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.69%   fell in Australia.

On Thursday, the New York Times reported that the U.S. and China have come to a broad agreement that would result in the removal of some tariffs in both countries. This involves China buying more American goods and opening some of its markets further to foreign companies, it said.

But the report said negotiators haven’t locked down key details, like when the tariffs will be removed and how to ensure China holds up its end of the deal. It added, citing two people familiar with Beijing’s position, that Chinese officials were wary about the final terms due to Trump’s bent for last minute-changes.

Trump told reporters Wednesday that the negotiations were “moving along very nicely.” Last week, the U.S. shelved a tariff hike on $200 billion in Chinese goods to give officials time to work out a deal.

Investors were also focused on the global economy. The European Central Bank delayed its next interest rate hike and announced a new round of cheap loans for banks on Thursday. This was seen as an acknowledgement of weaker growth by the bank.

“The series of aggravating factors for growth concerns continues to gather, the latest from the eurozone, setting Asia markets up for synchronized decline into the end of the week,” Jingyi Pan of IG said in a commentary.

Over on Wall Street, the broad S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.05%   suffered its fourth straight loss on Thursday, falling 0.8% to 2,748.93. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.44%   declined 0.8% to 25,473.23 and the Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.66%   shed 1.1% to 7,421.46.

U.S. crude   lost 36 cents to $56.30 a barrel in electronic trading on the New York Mercantile Exchange. It picked up 44 cents to $56.66 a barrel on Thursday. Brent crude  , used to price international oils fell 46 cents to $65.84 a barrel in London. The contract rose 31 cents to settle at $66.30 per barrel on Thursday.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2668%   retreated to 111.06 yen from 111.57 yen late Thursday.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,383.32
-67.27 -1.95%
Volume: 55.61B
July 10, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,251.00
-6.95 -0.31%
Volume: 69.67B
July 10, 2020 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,727.41
-482.75 -1.84%
Volume: 2.14M
July 10, 2020 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,150.25
-17.65 -0.81%
Volume: 886,987
July 10, 2020 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,919.20
-36.30 -0.61%
Volume: 565,369
July 10, 2020 5:10p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
22,290.81
-238.48 -1.06%
Volume: 0.00
July 10, 2020 3:15p
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/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 60,280.00
-2,080 -3.34%
Volume: 1.58M
July 10, 2020 3:00p
P/E Ratio
65.20
Dividend Yield
0.80%
Market Cap
¥6366.55 billion
Rev. per Employee
¥40.83M
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,780.00
+107.00 +1.39%
Volume: 8.90M
July 10, 2020 3:00p
P/E Ratio
16.88
Dividend Yield
0.58%
Market Cap
¥9362.29 billion
Rev. per Employee
¥72.37M
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/zigman2/quotes/206684590/delayed
KR : S. Korea: KRX
98,300.00
-1,300 -1.31%
Volume: 1.10M
July 10, 2020 3:30p
P/E Ratio
9.87
Dividend Yield
3.05%
Market Cap
₩23354.43 billion
Rev. per Employee
N/A
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/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
82,800.00
-200.00 -0.24%
Volume: 2.20M
July 10, 2020 3:30p
P/E Ratio
36.34
Dividend Yield
1.21%
Market Cap
₩56772.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 348.50
+3.50 +1.01%
Volume: 60.90M
July 10, 2020 1:30p
P/E Ratio
22.54
Dividend Yield
2.87%
Market Cap
NT$8945.98 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 17.60
+0.66 +3.90%
Volume: 180.71M
July 10, 2020 4:08p
P/E Ratio
17.39
Dividend Yield
1.42%
Market Cap
HK$166.23 billion
Rev. per Employee
HK$3.04M
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/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 19.50
-1.40 -6.70%
Volume: 124.37M
July 10, 2020 4:08p
P/E Ratio
8.29
Dividend Yield
4.10%
Market Cap
HK$1171.88 billion
Rev. per Employee
HK$7.60M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 546.50
-16.50 -2.93%
Volume: 23.46M
July 10, 2020 4:08p
P/E Ratio
49.21
Dividend Yield
0.22%
Market Cap
HK$5332.97 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/204702973/delayed
AU : Australia: Sydney
$ 3.00
-0.13 -4.15%
Volume: 11.60M
July 10, 2020 4:10p
P/E Ratio
10.22
Dividend Yield
4.71%
Market Cap
$6.50 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.99
-0.68 -0.69%
Volume: 1.08M
July 10, 2020 4:10p
P/E Ratio
13.97
Dividend Yield
6.71%
Market Cap
$140.66 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,185.04
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,075.30
+369.21 +1.44%
Volume: 337.36M
July 10, 2020 5:09p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,617.44
+69.69 +0.66%
Volume: 3.19M
July 10, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9180
-0.2860 -0.2668%
Volume: 0.0000
July 10, 2020 4:59p
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